Narrow Down Your Business’s Niche
In the past several weeks, we’ve been going through the process of narrowing down your passions, interests, and hobbies into one business idea that has money-making potential.
Now we’re going to get even more in depth and figure out the specific niche within that broader topic you should go into. In today’s crowded Internet market having a very narrow niche is the only way to go – especially for new entrepreneurs.
For example, if “alternative health” is what you want to base your business on, that’s a good start. It’s a hot trend that won’t be slowing down any time soon.
But you have to go deeper in order to be successful. You have to figure out what specifically about alternative health you want to do. Maybe natural supplements for women over 50? Or natural cures for migraines?
We got started on this process by doing some basic market research with easy-to-use online tools in my last essay, “Get Ready.” Please take a moment to go through the steps in that essay first if you haven’t already pinned down the topic.
Once you’ve done that, let’s keep going …
Because this is one of your passions in life … it shouldn’t take long to figure out a very specific sector of the market for your business.
Why get so specific? Wouldn’t trying to reach a larger market mean more customers and sales?
As a Carefree Entrepreneur, you don’t want to compete against Amazon and the big names in your market. It would mean working full time and then some with your business. And a huge investment of capital.
The Carefree Way is all about a great six-figure-plus income working just part time, with the opportunity to take time off whenever you want. No stress. No drama. Minimal start-up expenses.
That’s why finding a very specific niche is important. By positioning yourself as the go-to resource in a specific niche, customers will find you more easily, be primed to buy your products, and come back to your business again and again.
If you try to be all things to all people, you spread yourself too thin.
And don’t worry about having a smaller customer base by narrowing your niche. We’ll make sure you only go into markets with plenty of prospects and profit potential.
So let’s carve out your little slice of the Internet.
First step is to examine your chosen niche so far. Is it too broad? Are you interested in investment advice? Real estate tips? Dog training?
Those topics are definitely too broad. You have to drill down. Investment advice for baby boomers who didn’t save enough for retirement. Real estate tips for homebuyers seeking short sales. Dog training for aggressive breeds. You get the idea.
As Nick Usborne, creator of AWAI’s How to Write Your Own Money-Making Websites program, says:
“We want to find an area of real interest to people that is not already being addressed by thousands of other better-established websites.”
Nick knows this first-hand. His own online business, which brings in $50,000 a year for just a few hours of work each week, centers around reviews of gourmet coffee and products like coffee makers – oriented towards beginners.
Another online entrepreneur using this method, Ellen Ferlazzo, makes a great living helping people learn to cook great meals on a budget. It’s chock-full of recipes and advice.
Brigitte Bradtke’s websites are centered on travel to Australia, specifically the wilderness area known as the Kimberley. She brings in about $10,000 a month. And she works only six months of the year.
Do you see how what these entrepreneurs are doing is powerful?
When you get specific with your niche, people visiting your business will know exactly what you are offering. And because you are specific, your site will rank higher in the search engines when people are looking for information. This brings customers primed to buy to your Carefree Business.
First, let’s brainstorm some possible niches within your topic.
Think of your business idea. Look back at your experiences – what specifically about this niche interests you? Can you get more specific?
When Nick was creating his own money-making website, he started with coffee – a very broad topic. So he started out by exploring some possible niches, including single-serve coffee makers, a coffee shop locator, and fair trade coffee beans.
To make sure you get specific enough, do what Nick does:
“Start with a general topic description, then a subtopic, and then an even smaller niche within the subtopic.”
Here’s another example Nick mentions in his program:
Gardening → Gardening ponds → Aquatic plants
Now try that with your niche.
Having trouble?
A great niche that can fit with just about any topic is catering to beginners. A beginner’s guide to yoga, for example.
As I mentioned, that’s what Nick did with his CoffeeDetective.com business. After exploring a variety of other topic niches, he finally settled on “beginners.” His audience is those new to gourmet coffee, not sure where to start. He reviews coffees, coffee makers, and other products and makes recommendations for newbies.
So go through the steps above until you’ve determined a couple of specific niches that you think make a good topic for your business.
The idea is to find a topic that interests you, is specific enough, and is in high demand. That’s the combination that will ensure your Carefree Business is profitable.
This, by the way, is the heart of Nick’s How to Write Your Own Money-Making Websites program.
He teaches you how to create a passive income ($50,000+ per year) working just an hour or so a day on your own little online business. And he helps you pick a profitable niche that taps into a growing trend, launch a website, bring visitors, and best of all, earn a steady income.
You can find out more about Nick’s program here.
How to Write Your Own Money Making Websites
Nick Usborne shows you how to write money making websites that can each earn you $1000, $3000, even $5000 a month as a spare-time business. Learn More »
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Guest (Online Shopping In Pakistan) – October 8, 2011 at 11:27 am